v3.26.3
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2026
Income Taxes [Abstract]  
Schedule of Unrecognized Tax Benefits

The movements of unrecognized tax benefits are as follows:

 

    RMB  
Balance as of January 1, 2025     25,701  
Decrease in tax positions     —  
Balance as of December 31, 2025     25,701  
Decrease in tax positions     —  
Balance as of June 30,2026     25,701  
Schedule of Income Tax Expenses

Income tax expenses are comprised of the following: 

 

    For the six months ended
June 30, 		 
    2025      2026  
    RMB     RMB  
Current tax expense     19,687       18,018  
Deferred tax benefit     (11,287)       (9,818)  
Income tax expense     8,400       8,200  

 
Schedule of Deferred Income Tax Assets and Liabilities

The principal components of the deferred income tax assets and liabilities are as follows:

 

    As of
December 31,
2025		     As of
June 30,
2026		  
    RMB     RMB  
Deferred tax assets:            
Operating loss carryforward     357,343       416,236  
Intangible assets, net     427       4,078  
Litigation accrual     —       4,250  
Less: valuation allowances     (348,868 )     (411,733 )
Total     8,902       12,831  
Deferred tax liabilities:                
Fair value adjustments in relation to equity investments     91,066       91,062  
Estimated profit arising from future renewal commissions     69,422       63,264  
PRC dividend withholding taxes     26,730       26,729  
Total     187,218       181,055  
Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the provision for income taxes computed by applying the PRC enterprise income rate of 25% to net income before income taxes and income of affiliates, and the actual provision for income taxes is as follows:

 

    Six months ended June 30,  
    2025     2026  
    RMB     %     RMB     %  
(Loss) Income from continuing operations before income taxes, share of (loss) income of affiliates, net     (464,945 )             56,276          
Computed income tax (benefit) expense at PRC EIT tax rate     (116,236 )     25.0 %     14,069       25.0 %
Expenses not deductible for tax purposes:                                
—Entertainment     339       0.1 %     4,741       8.4 %
—Provision for expected credit losses on financial assets (i)     122,079       26.3 %     —       —  
—Other     418       0.1 %     —       —  
Effect of different tax rates of subsidiaries operating in other jurisdictions     12,306       2.6 %     1,486       2.6 %
Change in valuation allowance     (2,331 )     (0.5 )%     (3,972 )     (70.1 )%
Effect of non-taxable (income) loss (ii)     -       0.0 %     —          
Unrecognized tax benefits arising from certain transfer pricing arrangements     -       0.0 %     —          
Deferred income tax reverse     (11,447 )     (2.5 )%     (6,157 )     (10. )%
Other     3,272       0.7 %     (1,967 )     (49.1 )%
Income tax expense     8,400       1.8 %     8,200       14.6 %

 

(i) Provision for expected credit losses on financial assets for the six months ended June 30, 2025  primarily relating to the expected credit losses of loan receivables.